FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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The funded status of Hilton Paneling Incorporated's defined benefit pension plan and the balances in prior service cost and the net gain-pensions, are given below. Projected benefit obligation Plan assets Funded status Prior service cost-AOCI Net gain-AOCI (5 in thousands) 2024 Beginning 2024 Ending Balances Balances $ 3,800 $4,100 3,900 4,241 100 400 416 141 360 360 Retirees were paid $255,000, and the employer contribution to the pension fund was $260,000 at the end of 2024. The expected rate of return on plan assets was 10%, and the actuary's discount rate is 5%. There were no changes in actuarial estimates and assumptions regarding the PBO. Required: 1. Determine the actual return on plan assets of 2024 2. Determine the loss or gain on plan assets of 2024. 3. Determine the service cost of 2024. 4. Determine the pension expense of 2024. 5. Determine the average remaining service life of active employees (used to determine amortization of the net gain) for 2024.
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Transcribed Image Text:The funded status of Hilton Paneling Incorporated's defined benefit pension plan and the balances in prior service cost and the net gain-pensions, are given below. Projected benefit obligation Plan assets Funded status Prior service cost-AOCI Net gain-AOCI (5 in thousands) 2024 Beginning 2024 Ending Balances Balances $ 3,800 $4,100 3,900 4,241 100 400 416 141 360 360 Retirees were paid $255,000, and the employer contribution to the pension fund was $260,000 at the end of 2024. The expected rate of return on plan assets was 10%, and the actuary's discount rate is 5%. There were no changes in actuarial estimates and assumptions regarding the PBO. Required: 1. Determine the actual return on plan assets of 2024 2. Determine the loss or gain on plan assets of 2024. 3. Determine the service cost of 2024. 4. Determine the pension expense of 2024. 5. Determine the average remaining service life of active employees (used to determine amortization of the net gain) for 2024.
Note: For all requirements, enter your answers in thousands (i.e. 200,000 should be entered as 200). Answer is complete but not entirely correct. 1. Actual return 2 Loss on plan assets 3. Service cost 4. Pension expense 5. Average service period $ $ 336 54 365 207 13 thousand thousand thousand thousand years
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Transcribed Image Text:Note: For all requirements, enter your answers in thousands (i.e. 200,000 should be entered as 200). Answer is complete but not entirely correct. 1. Actual return 2 Loss on plan assets 3. Service cost 4. Pension expense 5. Average service period $ $ 336 54 365 207 13 thousand thousand thousand thousand years
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